CoinDCX Reports Hack, Loses $44.2 Million

CoinDCX, a leading Indian crypto exchange, reportedly suffered a hack on July 19, with $44.2 million stolen.

This incident emphasizes the risks inherent in centralized platforms, sparking conversations about user fund security.

CoinDCX Security Breach: $44.2 Million Loss Confirmed

On July 19, CoinDCX faced a reported hack, leading to a loss of approximately $44.2 million. Sumit Gupta, CEO of CoinDCX, stated, “Our internal security and operations teams have been working through the day along with leading cybersecurity partners to investigate the matter, patch any vulnerabilities and trace the movement of funds. We are collaborating with the exchange partner to block and recover assets, including coming out with a bug bounty program soon.” ZachXBT criticized the 17-hour disclosure delay post the breach, raising transparency concerns.

Internal operational wallets were impacted, not user funds, maintaining trading operations stable. CoinDCX announced that losses would be covered by reserves and a bug bounty program might debut. Discussions around improving transparency and security have intensified following the event.

Following the hack, user access issues arose because of server traffic spikes, not direct fallout. Expert ZachXBT’s criticism of the delay has prompted a broader conversation on centralized vs. decentralized risks and the role of custodial services in ensuring fund protection.

Historical Breach Patterns and Regulatory Implications

Did you know? One year prior, Indian exchange WazirX also faced a major breach. Such incidents highlight ongoing security challenges central exchanges face, emphasizing the shift towards decentralized solutions.

USDC {Symbol} stands at $1.00, with a market capitalization of formatNumber(64_456_528_605, 2). The 24-hour trading volume fluctuated by 35.66%, attributed to increased trading activity post-hack, reflecting CoinMarketCap data as of July 2025.

Coincu analysis suggests increased regulatory scrutiny and public demand for transparency post-breach, potentially pushing exchanges towards greater security measures. This incident may accelerate the adoption of decentralized technologies emphasizing secure, self-custody practices.